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Build a Practice You Could Sell

Have you built a sellable practice that you “could” sell if you wanted to? Or at least enjoy for the remainder of your career? 

Or maybe you want to continue practicing forever but wouldn’t mind slowing down and taking more time off to enjoy life like you have promised yourself for years.

How to Build a Sellable Practice for Plastic Surgeons

Very few surgeons are positioned to sell or even slow down. They found/find it to be way more difficult than anticipated….

…. feast or famine months, chaos, staffing issues that never end and so on.

Reasons why your business is not sellable

  • One is because as you go through surgical training, you were trained to do it yourself. You were trained to figure it out and to rely on yourself. You didn’t have any formal business training. So now that you’re the boss, nobody is going to fire you or hold you accountable.
  • Two is because as the surgeon, you are also the CEO, but also the technician and main revenue generator. And you are responsible for creating a culture and leading a team. That’s a tall order.  

However, if you don’t figure out the business side of your cosmetic practice, you don’t have a business.  All you have is a job. And, by the way, if you don’t have a business, you have nothing to sell. 

How to Build a Sellable Practice

And so many in practice have this grand delusion that someday, someone is going to buy their practice for a nice amount. So they enjoy a cushy financial future at retirement.  

But until you can create something that someone wants to pay for. You don’t have a sellable asset or a practice you enjoy running day after day.

Something has to change and it’s better the change be on your terms vs. change being foisted upon you via a wakeup call you didn’t expect or want (health issue, accident, etc.)

The trick is to run your practice like a business since the concepts are the same. 

Here are 3 areas to focus on to build a sellable asset (or just enjoy):

Build a Solid Team 

The most important decisions you will make are WHO decisions. Who will you hire to support you and represent your practice professionally.

You can’t do it all yourself, so you must rely on others. A good way to think about staff is that they are an asset to you and not an overhead expense. 

You will treat them more professionally with that perspective and they will, in turn, act more professional.

So, to get the right people on board, develop a hiring system just like other protocols you develop. The trick is to take your time to get to know possible new hires to be sure they fit with your values and culture. 

Then give them the tools they need to be productive. That includes systems, technology, feedback and accountability so they stay on their game.

But then build in fun and celebrate practice wins so everyone feels they are progressing and  working for a winning practice.

Build Processes for a Sellable Practice

Do you feel like a task master more than a visionary? 

Are you afraid if you are not watching like a hawk, things will fall through the cracks? 

Do you dread going on vacation because you don’t trust what happens when you’re not there? 

A better way to run your practice is with clarity and accountability. You do that by assigning key tasks to specific people who are 100% responsible for their progress and numbers by reporting them regularly back to you. 

Develop your own practice playbook outlining processes and specific tasks to get the job done. But go one step further. Have the person responsible for that task explain, in detail, HOW you do each task.

Document the “How To” steps so anyone can follow the instructions, even if they are not familiar with that position.

This way, even if you are blindsided by a key person suddenly leaving or people calling in sick, it’s not a catastrophe because you have a backup plan.

Build a Predictable Patient Lead System

If your idea of running a practice is to look at your checkbook to see if there is money there, it’s time to step up your marketing plan. 

You don’t hope there’s money when you have a game plan for attracting new patients that keeps your revenues steady because you have “many poles in the pond” testing different bait.

You no longer count on one marketing channel to bring you all the patients you need, since it’s all subject to change in today’s world. 

I suggest you map out a plan for internal AND external marketing channels proven to work to get you new patients. 

How to Build a Sellable Practice

To keep it simple, designate half of your marketing budget to external: website design, SEO, directories, PPC and have to relationships: word-of-mouth, other provider referrals, social media, community events and networking. 

This way, if one channel suddenly stops working, you use the other channels to pick up the slack while you figure out what the issue is.

Conclusion

When the above is done right, you now have clarity. You and your staff know the game plan and you work towards it every day. Because you now have the foundation and structure that builds a sellable practice faster and more profitably, while you have more fun with a team you enjoy working with 😉

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TESTIMONIALS

5/5
"Catherine outlined a plan that put key metrics in place, gave us a clear plan to follow throughout the year and trained our staff to increase their conversions by at least 10%. Since engaging with Catherine, I’m happy to report that revenues are up 15% over the last three months - 22% in the last month alone! I highly recommend Catherine’s consulting services to any practice looking for “best practice” additions to their operation."
Robert Sigal, MD
Robert Sigal, MD
"I have finally tapped into the most efficient way to grow my cosmetic practice and that is to “fish in the pond of my own patients”. When patients return to my practice, over 85% will purchase another service, product, or procedure. Not only was it worth over $200,000 in revenues this past year, it also reminds my patients I’m still around so they don’t wander off to my competitors. Catherine’s group has far exceeded our expectations and goals we had set up for them to achieve."
Victor Ferrari, MD
Victor Ferrari, MD
"Our consult conversions were running at 40-50%. Then we attended Catherine’s online training and implemented her strategies. They immediately increased conversion rates to 75-80%."
Anthony Corrado, MD
Anthony Corrado, MD
"I know how to run a profitable practice; however, it was not without major staff issues, inefficiencies and unproductive drama. With Catherine's guidance, I reorganized staff, set up processes for them to carry more of the workload and hold them accountable so I have more time to focus on patient care. The changes we put in place and the staff training to convert more callers and consultations will easily increase my revenues by 15% as well as save us time, money and costly mistakes. "
Evan Sorokin, MD
Evan Sorokin, MD
"Working with Catherine and her team has been very profitable. We’re only half way through the year and I’m up $200K and I’m booked out for the next 2 months even though we typically go into our slow summer months now. Her recent promotion brought in an extra $63,782 with more surgeries scheduled. I never realized how much money was sitting in my patient list but I’m a believer now!"
Robert Langdon, MD
Robert Langdon, MD
"Catherine Maley has one of the best Marketing Minds in the aesthetic industry, bar none. She understands the aesthetic patient and she also understands the challenges and frustrations we face as aesthetic surgeons. You will benefit from Catherine's tools whether you are new in practice or a seasoned professional.Turn to Catherine for guidance - she knows what she's talking about."
Edwin Williams, MD
Edwin Williams, MD
“Catherine’s Cosmetic Patient Marketing Service has been a great addition to our practice-building overall plan. While we still invest in our online presence, we also found immense value in the internal marketing efforts. We especially like that all results are tracked so we know we are getting a great return ... last year it was 1,148% and no staff time was used. That’s a much easier way to grow my cosmetic practice.”
Mark Mason, MD
Mark Mason, MD
"Catherine Maley turned our practice around. We converted more consultations in one week than we did in an entire month. Our practice went from a painful 50% no show rate to a remarkable 85% show rate. Even more impressive was our close ratio - from 35% to 80% and still increasing. We would recommend her to any practice that’s looking to not only increase their profits today, but sustain a healthy flow of income for many years to come. Thanks Catherine!"
Sam Assassa, MD
Sam Assassa, MD
"Catherine found me the best patient care coordinator I could have asked for. She worked out a payment plan that was fair to me and motivating to my coordinator. She also provided training tools to help my coordinator convert better, even though she was already experienced. The results have been phenomenal. So good, in fact, that my income increased 250% and I’m booked out for 3 months. Don’t waste any more time or money doing it yourself. Outsource to someone you trust!"
Andrew Lofman, MD
Andrew Lofman, MD
"Since we’ve been working with Catherine and her team for the past 5 months, we’ve brought in $79K in surgeries and have booked an additional 17 surgical procedures and 20 non-invasive body procedures since then. This does not include the additional new patient referrals and revenues we are seeing from the on-going nurturing of my current patient database."
Verne Weisberg, MD
Verne Weisberg, MD
"I had given my staff the goal to convert at least $35K per week in surgeries AND I gave them the tools to help which was Catherine’s Online Learning Center at More Patients Academy. They watched Catherine’s modules and implemented her strategies and converted $80K! That equaled a 2,550% ROI. Nice!"
Adam Stein, MD
Adam Stein, MD
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Catherine Maley

Catherine Maley

Catherine is a business/marketing consultant to plastic surgeons. She speaks at medical conferences all over the world on practice building, marketing and the business side of plastic surgery. Get a Free Copy of her popular book, Your Aesthetic Practice: What Your Patients Are Saying View Author Profile.

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